tv AM Wake Up Call CNN July 25, 2011 2:00am-3:00am PDT
good morning. it's monday, july 25th. this is your "am: wakeup call." i'm ali velshi joining you live from new york. stalemate, a brand new stalemate over the debt ceiling talks. happy monday. president obama and republicans working on separate plans. the president has canceled a cule fund-raisers to deal with the issues. listen to what house speaker john boehner had to say. >> i don't know. it may be pretty hard to put humpty-dumpty back together again. my last offer is still out there.
i've never taken my last offer off the table. and they've never agreed to my last offer. >> boehner says house legislation needs to be posted on-line today and voted on on wednesday if they want to raise the debt ceiling by the august 22nd deadline. timothy geithner is the guy who might not have the money to pay the country's bills on time. here's what he told cnn's candy crowley on "state of the union." >> what we cannot do, this is very important, it would be irresponsible, is to leave the threat of default hanging over the american economy for a longer period of time. back in january, more than seven months ago, we started this process of working with the congress to get them to raise the debt limit so we could avoid a default crisis. it's taken us seven months. we're not nowhere, but almost out of runway. >> geithner says it's okay to do this in stages, raise the debt ceiling with spending cuts now and work out broader tax reform next year.
but you heard him say that getting rid of the threat of default is most important right now. the stalemate has already rubbed off on u.s. stock futures and asian markets. we're going to talk more about that in 90 seconds from now. you'll hear a lot of news about the suspect in the norway massacre. he's expected to plead not guilty in court. lawyers say their client wants to explain himself and why he thought all the carnage was necessary, at least in his mind. norwegian media have identified the suspect as anders behring breivik. at least 93 people were killed, nearly 100 hurt in the mass shooting and separate explosion. authorities are still looking for more victims. take a look at the flowers and candles from a vigil in oslo. the prime minister has been leading the nation in mourning. >> tell families across the country, lost one of their loved ones, you have mine and the country's sympathy and compassion.
are you ready to hear the maid's side of the story? the woman whose famously accusing dominique strauss-kahn of sexually assaulting her is talking to the media. nafissatou diallo gave the interview to "newsweek," verbatim, a native of guinea, quote, because of him they call me a prostitute. i want him to know there are some places you cannot use your power, you cannot use your money. we are poor, but we are good. i don't think about money. i tell them about what this man do to me, it never changed. i know what this man do to me. all right. lawyers for the former imf chief, dominique strauss-kahn, says diallo is the first accuser in history to conduct a media campaign to persuade a prosecutor to pursue charges against a person from whom he wants money, that's their quote. strauss-kahn was freed from house arrest after some of diallo's story doesn't add up. his next court date is a woke from today. if you've never heard of congressman david wu before today, get ready. nancy pelosi wants the ethics
committee to investigate him. wu is a democrat from oregon. he allegedly made unwanted and aggressive sexual advances toward the daughter of a campaign donor. that's what a portland newspaper is reporting. it says the scoop came from inside wu's office. now wu admitted earlier this year that he got medical help to address his behavior after a tough re-election campaign. he says he won't resign, but he will finish his term and then retire next year. a trial of warren jeffs is set to begin in texas. he's the polygamist leader charged with two counts of sexual assault on a child. jeffs will face another trial on a bigamy charge later this year. the charges came out of the raid on the yearning for zion compound three years ago you may remember that. back to the debt stalemate, the debt ceiling impasse if you will. brick wall, whatever you call it. asian markets are starting to feel it. listen to secretary of state hillary clinton. she sounded pretty confident when she talked to business leaders in hong kong.
>> but this is how an open and democratic society ultimately comes together to reach the right solutions. so i am confident that congress will do the right thing and secure a deal on the debt ceiling and work with president obama to take the steps necessary to improve our long-term fiscal outlook. >> everybody's talking like something's about to happen, but we only have a few days to go. the debt clock is ticking. and it's getting to be quite a ride for worldwide investors. a short time ago both the hang seng and the nikkei closed down. the dax and ftse are down this hour. u.s. futures as well. nina is live in london, watching european markets and bond trading. first to christi lu stout live in hong kong. markets in asia have closed right now. what's the talk? >> well, there are as you mentioned red arrows across the
region, but linked to a variety of news lines, not just u.s. debt ceiling story. investors in japan are spooked by the u.s. debt crisis. the nikkei closed down abo about .8%. partly because investors are buying into the japanese yen, considered a safehaven. as we know a strong yen means weaker earnings for japanese exporters. toyota and sony saw losses today. the biggest loser in asia was the shanghai composite slid 3%. in hong kong the hang seng fell two-thirds of a percent, shares of china south locomotive and rolling stock fell nearly 13% after a bullet collision in mainland china killed dozens of people and something that has shuttered markets throughout china, shanghai and hong kong. back to you in new york. >> thank you for that. we're getting word that moody's is downgrading greece's credit rating again. nina, you're following this and based on how you've seen european bond buyers react to
this ongoing euro zone debt problem, what's the reaction likely to be when buyers of u.s. bonds begin to think that there's a likelihood these talks in the u.s. will fail to increase the debt ceiling and that there might be a default on at least some of the u.s.'s debt obligations? >> it's almost surreal, isn't it, talking about a default when talking about the united states. the world's largest economy and talking about a default when you talk about greece because obviously this is where the problem sort of started on the bond markets with greece about two years ago. we had seen the bond markets sort of settle down a little bit on friday after the eu's decision to award greece a second bailout after months of deadlock. as you were saying moody's downgrading this to the last level above the lowest credit rating, ca 1. it was previously caa 1. it's difficult to see exactly why they've done this. they've done it in response to last week's decision to award
this country more money. will it be enough to solve all the ills for a country like greece and, indeed, other euro zone countries having very difficult time raising money on the bond markets. that brings me to the u.s. debt impasse. the markets here broadly speaking, ali, on this side of the atlantic, very much reacting negatively to the situation going on where you are, vis-a-vis the debt debacle and impasse over there, because the u.s. is not only the world's largest economy, enormous trading partner for the european country, but it also has the world's major trading currency and world's major reserve currency. >> which means this becomes a problem for the entire world for those americans thinking this is still a domestic problem, it absolutely isn't. thanks very much. we'll check in with you later in the show. nina in london for us. back to the united states, rob marciano is live in atlanta right now. rob, feels like it's cooled down at least here a little bit. let's talk about flight delays for our travellers. >> where we're seeing the cooler weather is where we see the
flight delays. we have clouds and storms that are forecast. namely atlanta and raleigh, one of the spots. in new york and dshg, in the afternoon, to a lesser extent you'll see thunderstorms that will cause delays. new orleans as well. out west if you're traveling through san francisco, some fog and low clouds will delay things in the morning and breaking apart later in the afternoon. here's how the map breaks out to break down the hot temperatures and cool front coming through the northeast will bring some thunderstorms there and then across the southeast as well. in the middle, we continue to see the heat work on the southern plains. dallas to oklahoma city, they have a streak of 100 plus days, well up and over 20 now, and they could be on their way to a record. dallas not expected to get below 100 for the next seven, maybe ten days. 106 expected high temperature in the big "d." it will be 92 in kansas city and 80 in new york. that's cooler. 86 with storms in atlanta. some researchers out of the u.k. ali, want to share this story with you, you're a big movie
buff and science guy at the same time, researchers out of the u.k. are calling for regulations to curb the integration of human genes basically with animal genes. they don't want to create a human animal, hybrid. who wants that? i can't help but think this has something to do with the release of the "planet of the apes" movie coming up in the beginning of august. called something like "rise of the apes." a popular show when i was a kid and i might see the movie in a couple weeks. >> do you know if we're anywhere down the road close to cloning human/animal cloning? >> we don't need a half man/half horse running around the office. we do use the genes for beneficial scientific uses to try to discover some cures of the diseases. >> it's always the fear someone will use it for the wrong thing. rob, good to see you. check in with you later on. rob marciano in our weather center, watching closely for you. >> here is the quote of the day,
quote, if you are the leader of the free world would you please come to the microphone and quit hiding in the basement about your proposals and come up and address the american people? is he chicken? end quote. can you guess who said this about president obama? i'll tell you after this quick break. it's 11 minutes after the hour. o positively radiant tinted moisturizers with scientifically proven soy complex and natural minerals. give you sheer coverage instantly, then go on to even skin tone in four weeks. aveeno tinted moisturizers. [ announcer ] to even skin tone who could resist the call... of america's number-one puppy food brand? with dha and essential nutrients also found in mother's milk. purina puppy chow.
man on tv: ...rbis and 36 homers. swings at the first pitch and fouls it deep back into the stands. [ding] [fans whirring] announcer: chill raw and prepared foods promptly. one in 6 americans will get sick from food poisoning this year. check your steps at foodsafety.gov. 14 minutes after the hour. back to the quote of the day, the question asked, is the president chicken? republican president tim pawlenty made this comment about the president and debt crisis. went on to say this -- if you're the leader of the free world would you please come to the microphone and quit hiding in the basement about your proposals and come up and address the american people. is he chicken? >> can i see if i -- is he? >> well, you would think. >> let me have your answer to that question. >> i love paul ryan but we shouldn't have to have a
congressman from wisconsin leading the debate on the nation's financial challenge in one of the most historically important moments in the country's history. the president should be standing out courageously and leading on these issues, specifically. >> all right. time for your political ticker. host of "morning briefing" on cirrus live this morning as he always is from steamy, saltry hot washington. tim, eight days to go, no deal. everybody saying we got to get it done fast. come on. come on, tell me what's going on? >> frustration. that was fighting words from tim pawlenty. check what speaker boehner is saying this weekend, congress will decide what to do and mr. president, you decide whether or not to sign it. i'm not sure where that goes. i get the sense, ali, that there will be something and frankly, although this is just me saying this, that the president has to
increase the debt ceiling regardless of what is presented to him because if the building is on fire, afterwards, to use an analogy the president used during the campaign, it doesn't matter who set the fire because you're still going to have to clean it up. if he's going to be the president of this country, there's going to have to be a country that lives up to its obligations and so that's where we're going to be a week from now. that said, big battle last night on the tweets between dan pfeiffer the communications director for the president, and the spokesperson for eric cantor who are fighting back and forth on position. this is going to be waged behind the scenes and i think there will be some sort of agreement. the question is, how short term a deal this is going to be and what it's going to mean moving forward because it's clearly a pretty poisonous atmosphere here in washington. >> to the point that president obama had a fund-raiser that he's canceled. i guess we're going to see a lot of that kind of thing this week, events that have been canceled that have nothing to do with the debt ceiling. i think the general public will be very frustrated if legislators are doing nothing,
anything other than working on a solution no this. >> i think you are right on target with that, ali. because the president did have two fund-raisers scheduled and he has canceled. they were on the schedule for the weekend and then canceled as of yesterday. cnn confirmed they are not taking place tonight. the president will be in front of a council of araza to one of the largest right groups for hispanic voters in this country. the numbers in 2000 and 2004, republicans were doing well on the presidential side. in 2008, the president picked up about 67% of the latino vote in this country, and he would like to continue that, although his stance on immigration has been frustrating to some latino voters, he's doing a little outreach today. that is not exactly a campaign appearance but does have a tinge of 2012 in it. >> tim, good show this morning. enjoy yourself. we will keep checking in with you every morning and going to try to find some other way to describe this conversation because it's going to be similar i think for the next few days.
tim farley, host of "morning briefing." j hundreds of same-sex couples in new york waking up as newlyweds this morning. >> i now pronounce you married. you may seal your vows with a kiss. notice, he said i now pronounce you married. that was just day one of same sex "i dos" in new york state. the sixth and largest state to recognize the unions, perhaps the highest profile ceremony of the day yesterday, was officiated by mayor michael bloomberg, two of his staffers tied the knot at the mayor's house, gracy mansion. >> by the powers vested in me by the state of new york, i pronounce you both married. >> but the ringing of the wedding bells matched by rally cries in some places. thousands gathered in mid-town manhattan to protest the new law, calling for a voter referendum. and to all of the women watching this morning, new beer is brewing and it's supposed to
be targeted at you. it's called animee. it is pink, meant to appeal to women who normally shy away from beer. there are three flavors, row say, zesty lemon and clear filtered. mullson coors says it will launch in british bars and grocery stores this fall. not sure how that's going to work, but whatever. we'll try it out. dreamed of hopping into a time machine and jumping to another era scientists say you're out of luck. why they say time travel is impossible after this. first, this is a good day. national threading the needle day. be sure to thank your mom, your wife, your husband, your tailor, yourself if you're the one who does the threading. anyone who takes care of mending your clothes. happy national day of threading the needle. it's 20 minutes after the hour. a network of possibilities. in here, the planned combination of at&t and t-mobile would deliver our next generation mobile broadband experience to 55 million more americans,
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22 minutes after the hour. three things you need on your radar today. the man who admitted to carrying out the terror attacks in norway is set to appear in court. his lawyer says he will explain his actions to the court. no word on whether the hearing will be open or closed to the public. we're watching for any developments out of the nation's capitol related to the debt ceiling negotiations. weekend talks went nowhere as both sides are pursuing separate plans. michael jackson's family is expected to hold a news conference announcing a concert tribute to the late king of pop. we'll keep you posted on that. around the world with zain verjee live in london.
let's talk about this norway attack. still, catching people off guard, most people followed some of this over the weekend but it continues to come as a shock as to who this man is, why he did it, he' showing up in court today, what do we know about him? >> that's what people in norway are asking, one of them, turned on their own people, in such a horrifying way. this guy is 32 years old, his name anders breivik, he has far right wing views, very anti-muslim views as well we're learning, too, he was a member of the oslo pistol club and possessed at least three of the weapons he had used and that were registered to him and also, that he was an owner of a farm, ali, and that meant that he could easily get fertilizer that can be used in explosives so no one would have found that suspicious if he had owned a farm. today is a big day, though, because there's going to be a court hearing in just a few hours. now the whole argument right now is whether it's going to be a closed or an open hearing.
basically, he wants a platform to air his views and the public and prosecutors are saying it should not be an open hearing and we should not hear his views. we'll find out what happens because a judge is going to rule on that. >> sadly, the other piece of news we got this weekend, which was sad and, perhaps, even a little less shocking, or more expected than the other one, is amy winehouse, the death of this great talented artist, we're expecting an autopsy today. what do you know about this? >> police are going to set a date for a post mortem and when the autopsy will happen. it's likely to happen today is what we're hearing. they're calling her death unexplained. there is going to be a police investigation, so her family is saying the funeral will be held soon, but boy, ali, i mean, she was careening down this path so many people were afraid of something like this would happen. "back to black" one of my favorite albums and so many
millions around the world too, but her fans are in mourning and so is her family. >> i was listening to a lot of her music yesterday. a remarkably talented performer, regardless of what you thought of her music, even if you didn't like it, she was remarkably talented and a real creative genius. piece of sad news. check in with you later on. zain verjee in london. if you think gazing out the back window is a passive activity toyota is challenging that. a concept project dubbed window to the world transforms car windows into touch screens. kind of like an iphone. it lets passengers interact with passing scenery, trace objects through the window, zoom in on far away objects, figure out how far away something is from the car. new innovation making it tougher to get bored on wait to grandma's house. and if you ever dreamed of cheating the time space continl wum which i have many times jump noopg a time traveling delor yan and back to your parents' era i have bad news, back to the
future fans, physicists in hong kong say no way, no how. they claim they have proven that time travel is impossible, showing a single photon cannot travel faster than the speed of light. a photon is a unit of light. researchers say they found it, quote, obeys the traffic laws of the universe, meaning it in effect cannot happen before its cause which means you're stuck with science fiction if you want to travel back in time. that kind of makes me sad on a monday morning. today's businessman special is apple. big news for you about the world's largest apple store coming up after this quick break. it is 26 minutes after the hour.
good morning. it is monday, july 25th. this is your "am wake-up call" joining you live from new york city. it is 30 minutes after the hour. a week from tomorrow the federal government could run out of cash to pay its bills. it's an understatement to say this is crunch time. president obama called congressional democrats to the white house last night, still no deal. republicans and democrats are sketching out their other plans, split on how much to increase the debt ceiling to get through the 2012 elections or not. i would rather do or not. we can talk about this for the next year. >> after over six months, conversations with the president, about doing the big deal, about taking a big step in the right direction, it's pretty clear to me that they're just not willing to do it. that the next election matters more than doing what's right for the country. >> a short-term extension of the debt ceiling is going to jeopardize our economy at a time
when the global economy is so weak, when we are facing a downgrade of america's credit rating, they have warned us not to do it, and speaker boehner is ignoring that warning. >> speaker boehner is pushing a proposal to raise the debt ceiling in two stages, but democratic senator harry reid says that's just dressing up a short-term plan, making it, quote, a nonstarter. president obama is canceling two fund-raising appearances today to continue to deal with this crisis. debt negotiations have got a lot of americans grumbling, some venting frustration on twitter. four-letter words we can't say on tv. there's always a hashtag when you want to have something trend. the hashtag is "f" you washington and setting twitter ablaze. it can't officially be a twitter trending topic because it has a dirty word. take a look at this, a website that tracks these things, shows how quickly the hashtag "fu
washington" jumped into usage saturday into sunday going strong. a group of teens hiking in the alaskan wilderness mauled by a brown bear and her cub. they were taking part in a survival skills course, they had no instructors with them on saturday but did activate a locater beacon to be used in case of emergency. >> we got on scene, we really for the first time saw what we were dealing with and they were mauled. very severely. there were two that were seriously injured with life-threatening injuries, two seriously injured with nonlife-threatening injuries and three others that received minor injuries from the bear or had exposure related issues. so it truly was an emergency situation. jury selection in the trial of polygamist leader warren jeffs expected to be today in texas. he's charged with two counts of sexual abuse of a child stemming from the 2008 raid on his
compound. now some 400 children were removed from the ranch. most were later returned to their families. jeffs also faces bigamy charges. that trial begins in october. in los angeles, another pretrial hearing in the case of dr. conrad murray, the doctor treating michael jackson and faces involuntary manslaughter charges in the singer's death. at issue today, what part of a michael jackson document -- documentary will be allowed as evidence. jury selection is set to get under way in september. we're watching the first reaction? global markets to the debt ceiling debate, both asian and european markets are lower this morning. christine romans back for us, live here in new york. christine, we're looking very carefully at this. how are u.s. markets shaping up this morning? >> futures down in the u.s., watching asian markets. it closed all lower as you reported so far. we're be watching how european markets continue, the greece downgrade, but it's all about a debt stalemate in the u.s. and what that's going to mean for
international investors and u.s. investors here. this is something that has been a crisis in the making for months, if not years, and now the markets will have to weigh in because the united states is deadlocked on this and we still don't know how markets will react, but the betting is it won't be good, ali. >> all right. the credit worthiness of the united states is at stake. since the united states had its credit rated in 1917, it has never been anything but the highest, the absolute highest. how big a deal is this? >> we pay our bills on time all the time every time. when someone wants to invest in something that's the safest thing they can invest in in the world they invest in u.s. debt and u.s. bonds because the u.s. always pays its bills. it is the largest economy in the world. it is, you know, even when you talk about all of the us's problems, still accounts for a quarter of all economic output for the entire world, so look the u.s. is the quote/unquote gold standard and now you have a political crisis where
international investors and u.s. investors are going is that always going to be the case? is the u.s. going to be able to get its political problems in order so it can keep that credit worthiness to the best of its ability and that's the question people are dealing with. >> all right. and in addition to this, there are other things for investors to take a look at, an important report on the economy comes out later this week. what is it? >> we want to know is the economy slowing down. that's our big question at this point. has the economy suffered any kind of a little bit of a setback. growing more slowly than we had thought or hoped. that's what we'll be looking at this week. it's interesting, there's a conundrum here. corporate profits that have been doing quite well, we're going to be hearing more and more from big companies about how their profits are, but what you're hearing from the ceos, while the profits are coming back, they're finding that the u.s. economy as a whole is subpar so that's what we'll be looking forward to see how that's playing out this week. >> so good to have you back on
the show and i will see you in 25 minutes on "american morning." >> 25 minutes. >> and i hope you got a good night of sleep last night because i think you and i will be working hard this week with this debt ceiling stuff. >> i think you're right. now back to our businessman special, apple wants to build the largest store in the world in new york city's grand cen stral station. proposing a 23,000 foot store to take over the north and northeast balconies. the metropolitan finance committee will vote on the proposal today. if it passes the mta board will vote on the proposal on wednesday. biggest store in the world in one of the busiest places in the world. texas governor rick perry speaking out on gay marriage in light of new york becoming the latest state to legalize it, but will perry's view isolate some conservative supporters as he considers a white house run? i'll tell you about that on the other side. first your get smart question of the morning. do more americans have passports
about 40 minutes after the hour. let's call it. it is time to get back to our get smart questions. do more americans have passports or facebook accounts? the answer, is b. more americans have facebook accounts than they have passports. i guess if we were asking that question you knew where that was going. i'm going to show you one of the best things about new york. columbus circle and the biggest smurf, actually central park. the biggest smurf i've seen, across the road in central park in columbus circle. you know the movie comes out on july 29th. i guess that's friday. which is why we've got that. he's here all week, we'll visit with him later on. time for our political ticker, mark preston, he's live on the phone from washington. didn't mean to set you up with a
smurf, mark, but the fact is, perhaps the smurf cans get a debt deal done more effectively than the folks in washington. >> you know something, let's not worry too much, if a deal is going to get done, the bottom line, this is how things are done in washington. they push things always up against the wall and a deal is always cut. i tell you, when they see stories about the markets crashing overseas, that's only going to heighten them to get things done. >> what's the -- i mean, i did hear this weekend, it surprised me, when john boehner said we have to get a deal done, it's going to royal asian markets. when did that start getting them worried? >> probably towards the end of last week when they realized they weren't going to get things done by thursday or friday, ali. you know, the fact is, when people like yourself knows what's going on and links what's happening overseas to the american dollar, start talking about it on tv, then everyday people start to get worried. i think that's when you heard john boehner start talking about
the overseas markets. >> real quick, what did rick perry say about gay marriage? >> he said look, if new york is going to pass it, that's fine. new york can do it. there's going to be talk about this because rick perry is a social conservative, thinking about running for president, a lot of people are saying it's going to hurt him for saying that. but you know what, rick perry is a big defender of the tenth amendment. i don't think this is going to hurt him, ali sfp. >> all right. mark preston, good to talk to you as always, mark preston joining us from washington. here are three things on your radar for this week. not just today, it's predicted to be an eventful week in markets as mark was saying. investors waiting for an agreement on the debt ceiling. at the end of this week the first official reading on economic growth in the second quarter, the second two months of this year, the man who admitted to carry out the terror attacks in norway set to appear in court at 7:00 a.m. eastern. he's going to explain his actions to the court. no word on whether the hearing will be open or closed to the public. this week, the trial gets under way against polygamist sect leader warren jeffs.
he's facing sexual assault charges stemming from an alleged spiritual marriage to a 12-year-old girl. the nfl lockout is on the verge of ending. possibly this week. nfl.com reports that both the league and the players have finally agreed on a labor deal after ironing out details. the website reports that new orleans saints drew brees e-mailed teammates over the weekend saying the deal is almost done and an announcement would be made some time monday, that would be today. if that happens training camps could open by the weekend. there are three new faces in cooperstown, new york. pitcher burt bly levin, second baseman roberto allah more and pat gillic are the newest members. alomar is the first blue jay to make it, blylevin made history too. this might come in handy on trivia night, first player born in the netherlands to make it to the hall of fame. before we go, this day in history back in 1978, the first test tube baby born in england.
do we know about him? >> well, we know that he is 32 years old. his name is anders breivik and he has very radical right wing views as well as having very anti-muslim views. he feels, according to a manifesto, about 1500 pages that's come out, that muslims are colonizing europe and he doesn't want to see that happen. the interesting document, his manifesto attributed to the same person of his name, is what people are talking about, too, ali. if it is him, he written how he planned these attacks, meticulous from the weapons to the explosives to being in good physical shape, the mental preparation and approach, being good to the policed a good to the neighbors, wiping out his hard drive. it goes down into details like that. what the focus is on the court hearing today is whether it's going to be closed or whether it's going to be open. a judge is going to rule. he wants it to be open because he wants to make a statement and explain to the world why he did it and justify his right wing
ideology. prosecutors and most people in norway don't want to give him that platform. >> he's writ an lot about it, seems to have a lot to say. the kind of guy that might be happy to have his time in court to continue to say what he's going to say on a bigger platform than he's had. good to see you. check in with you on "american morning" in a little while. zain verjee in london. hard to tell where the debt ceiling ends and brick wall begins. a brand new stalemate over the debt talks in washington. president obama and republicans are working on separate plans now. the president has canceled a couple fund-raisers today to deal with the issue. listen to what house speaker john boehner is saying. >> i don't know. it may be pretty hard to put humpty-dumpty back together again. but my last offer is still out there. i've never taken my last offer off the table and they've never agreed to my last offer. >> boehner says house legislation needs to be posted on-line today if they want to raise the debt ceiling by the
august 2nd deadline. treasury secretary tim geithner is the guy who may not have the money to pay the country's bills on time. he'll have to make the decisions. here's what he told cnn's candy crowley on "state of the union." >> what we cannot do, this is very important, what we cannot do, it would be irresponsible, is to leave the threat of default hanging over the american economy for a longer period of time. back in january, more than seven months ago, we started this process of working with the congress to get them to raise the debt limit to avoid a default crisis. it's taken us seven months to get to the place where we are now. we're almost out of runway. >> geithner says it's okay to do this in stages, maybe raise the debt ceiling with spending cuts now and work out broader tax reforms next year. you heard him saying getting rid of the threat of default is the most important thing do right now. he's not the first person saying it. ben bernanke said it. markets are sending the same message. the stalemate has rubbed off on u.s. stock futures and asian
markets. we'll have more on that through the morning. an autopsy to find out what killed amy winehouse could be performed as early as today. she's a woman who sang about refusing rehab and many speculating her death on saturday is connected to her well chronicled substance abuse. police say the 27-year-old's death is being treated as, quote, unexplained. in the meantime tokens of affection piling up outside of winehouse's london apartment and her "back to black" album from 2006 is surging in sales, back on the charts in over a dozen countries. the woman who accuses dominique strauss-kahn of sexually assaulting her is talking to the media. nafissatou diallo gave this interview to "newsweek." this is verbatim, a native of guinea, quote, because of him they call me a prostitute. i want him to know there are some places you cannot use your power, you cannot use your money. we are poor, but we are good. i don't think about money. i tell them about what this man do to me. it never changed. i know what this man do to me.
strauss-kahn was freed from house arrest after some of diallo's story didn't add up. his next court date is a week interest today. if you've never heard of congressman david wu before, get ready. nancy pelosi wants the ethics committee to investigate him. wu is a democrat from oregon. he allegedly made unwanted sexual advances toward the daughter of a campaign donor. that's what a portland newspaper is reporting. it says the scoop came from inside wu's office. wu says he will finish his term and then retire next year. to rob marciano live from atlanta. rob, as i mentioned this morning, when i walked in, cooler today than it has over the last few days. what's going on with the heat story across the country? >> a bit of a break and that's the good news. showers and thunderstorms that will fire along a couple cool fronts trying to push through the eastern third of the country, that's really been broiling for the past couple of weeks. where it's not going to cool down is across the southern plains and central u.s. 106 is the expected high temperature in dallas. it will be cooler with a chance of thunderstorms in new york, d.c. and atlanta.
temperatures there off their 100 degree plus high temperatures of last week. check this out. a volcano across the aleutian islands about 900 miles or so southwest of an raj, called the cleveland volcano, pictured here about a year ago. experts are thinking this thing is going to erupt, ali. be prepared. and last time it did, it was back in 2001 and it spewed all sorts of stuff about five mimgs into the atmosphere. this is important because although uninhabited over there, it's a huge route for planes going to the u.s. to asia. it's going to affect air travel when this erupts and the experts are saying it's a matter of when. we'll keep you posted on that. >> talk to you in a little bit on "american morning." take a look at the word of the day, biobutanol. why you need to know it after the short break. it is 52 minutes after the hour.
don't know where i'm going. all right. it is 56 minutes after the hour. let's go to the nasdaq marketsite, where carter evans is standing by, keeping an eye on what's going on in u.s. markets and what cnnmoney.com is covering. good morning, carter. what have you got for us? >> the debt ceiling, everyone is still talking about that, on the front page on cnnmoney.com. the big question for a lot of personal investors, what do i do with my money? should i be moving it somewhere else. lawmakers can't come to a decision. is that going to affect my 401(k). most analysts saying don't panic, stay the course. we're talking about earnings this week. shouldn't earnings be the focus right now?
>> all right. carter evans at the nasdaq marketsite, let's get back to our word of the day called biobutanol. it's a renewable fuel similar to ethanol made from corn, other crops or biomass. according to curt stayinger and "fast company" magazine it could be the fuel for the planes of the future. it's the fuel in butane cigarette lighters and better suited for planes than ethanol. he says ethanol isn't fully compatible with existing internal combustion and core raids the pipelines it travels through. with our dependence on oil in this country the industry is on the hunt for new fuels. 57 minutes after the hour. three things to put on your radar. the man who admitted to carrying out the terror attacks in norway is set to appear in court today. his lawyer says he will explain his actions to the court. no word yet on whether the hearing will be open or closed to the public. we'll be watching for any developments out of the nation's
capital related to the debt ceiling negotiations. weekend talks went nowhere. both sides are now pursuing separate plans. also today, michael jackson's family is expected to hold a news conference announcing a concert tribute to the late king of pop. let's continue with our coverage of the debt ceiling debate and the effect it's going to have, not just on stock markets but bond markets where we might see it first and where it becomes more serious. ninas do santos is covering this from london. good morning, nina, give us a sense, you've been following debt bond yields in europe and their responses to the euro zone crisis. how does that relate to how bond investors are going to see the debt ceiling discussions in the united states? >> well, if anything, we can use, for instance, some of the countries that are running the risk of a default, for instance, greece as an example of the ramifications the u.s. faces if it doesn't manage to nail down the debt ceiling issue and to
try and avoid a default. greek yields have been in the double digits for ages really, and what we're seeing at the moment yields on u.s. treasuries rising in response to the ongoing concerns about hammering out a plan to tackle that 14.3 tlts ceiling in the united states and raise it. on the stock markets, we do have some stock markets opening lower. ftse 100 edging back into positive territory finally after about an hour and a half of losses. one bright spot i want to bring you up to date with, is gold. the ultimate save haven, rising yet again in today's session, another record of $1,624 an ounce and counting. >> nina, we've been watching the european crisis sort of unfold slowly over more than the last year, for a lot of the american audience, give us some sense of why you think this may unfold in the bond markets first or earlier or more seriously than it will in the stock markets? >> yeah.